Ignis has been a tough cookie. After the airdrop it has seen a major decline. Thought it would reverse earlier, but it didn't hold and retraced another 50%. So it's dead... or is it?
It's currently playing out the last leg of the elliot retracement. And showing signs of reversal. Double bottom formation with a possible triangle outbrake are the first signs.
Also volume is picking up. Moreover, if we look at the On Balance Volume it shows discrepancy betwen the price action and the weighed volume of OBV. Meaning whales or institutional investors are getting in the game.
Bare in mind that currently nobody nows what IGNIS actually is or does. But wouldn't that be an ideal Crypto scenario. Terrible dump after airdrop, whales back in the game, and some great PR explaining the wonders of Ignis and it's launched to the moon.
Move with caution as we don't have a bottom support in place to cover your back, so use stop-loss or buy confirmation.
A secondary scenario could be IGNIS will retrace to the 1.618 fib. This will play-out when the double bottom doesn't hold before we go through the resistance diagonal. So mind the current support in place.
It's currently playing out the last leg of the elliot retracement. And showing signs of reversal. Double bottom formation with a possible triangle outbrake are the first signs.
Also volume is picking up. Moreover, if we look at the On Balance Volume it shows discrepancy betwen the price action and the weighed volume of OBV. Meaning whales or institutional investors are getting in the game.
Bare in mind that currently nobody nows what IGNIS actually is or does. But wouldn't that be an ideal Crypto scenario. Terrible dump after airdrop, whales back in the game, and some great PR explaining the wonders of Ignis and it's launched to the moon.
Move with caution as we don't have a bottom support in place to cover your back, so use stop-loss or buy confirmation.
A secondary scenario could be IGNIS will retrace to the 1.618 fib. This will play-out when the double bottom doesn't hold before we go through the resistance diagonal. So mind the current support in place.